Informist, Tuesday, Feb 15, 2022
By Chinmay Mungse
MUMBAI – GOLD contracts fell on the Multi Commodity Exchange of India and the COMEX today after some units of the Russian military retreated from Ukraine, easing fears of an imminent invasion by Moscow. This dulled gold’s appeal as a safe-haven asset.
* Russian defence ministry today said the country was pulling back some of its forces near the Ukrainian border to their bases. The Kremlin has also confirmed that troops are being pulled back, reports said.
* “Eased fears of a possible Russian invasion have dampened bullion’s safe-haven appeal,” said Sriram Iyer, senior analyst at Reliance Securities.
* Gold contracts on the MCX hit a 13-month-high of 50,325 rupees per 10 gm earlier today, while the same-month contract on the COMEX hit an eight-month high of $1,881.6 per ounce.
* Persistent worries about rising global inflation and correction in the equity market capped any downside in gold prices, analysts said.
* At 1751 IST, the most-active contracts of bullion were:
–April gold was down 1.3% at 49,257 rupees per 10 gm on MCX
–April gold was down 0.9% at $1,852.9 an ounce on COMEX
–March SILVER was down 2.2% at 62,825 rupees per kg on MCX
–-March silver was down 2.4% at $23.29 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 49,256-49,650 rupees
–COMEX gold seen at $1,830-$1,875
–MCX silver seen at 63,500-64,700 rupees
–COMEX silver seen at $23.20-$23.97
End
US$1 = 75.33 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vidhi Verma
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